How to Pay for Northwestern

Highly ranked for its undergraduate, business, education, medical, and law programs, Northwestern brings its top-tier education to three different campuses. But, like most top colleges, it comes at a cost.

As you consider how to pay for Feinberg, Pritzker, Kellogg, or any other program at Northwestern, take into account not only what it will cost, but also the various sources of aid that can help lower the financial burden of your degree.

How much does it cost to attend Northwestern?

Before figuring out how to pay for Northwestern, you’ll need to know how much it costs to attend and whether or not you’ll pay the full price once financial aid and student loans are taken into account. In the 2015-2016 school year, Northwestern undergraduate students paid $48,624 in tuition, for a total estimate of $65,380 per year including expenses such as room and board, fees, and books.

Graduate tuition costs vary slightly as does the total amount of additional expenses. Students at Pritzker School of Law at Northwestern paid $58,098 in tuition this past year for an estimated total spend of $83,296 per year.

Kellogg business students were charged $64,059 in tuition, pushing total yearly expenses closer to more than $93,000.

Medical students at Feinberg paid approximately $55,000 for tuition and $85,000 in total for the year. That’s significantly less than Kellogg students, but keep in mind that medical students will be there for four years as compared to two for business school.

Whatkind of financial aid does Northwestern offer?

Ranked in the top 20 most expensive colleges for multiple years in a row, it’s no surprise that Northwestern offers substantial financial aid to attract students. Northwestern is one of few private undergraduate institutions to meet each student’s full financial need or the difference between what their family can contribute and the cost of attendance. This is achieved through Northwestern scholarships (which totaled $138 million in the 2014-2015 school year and were awarded to 45% of undergraduates), state and federal grants, and outside scholarships.

There are nearly a dozen Northwestern undergraduate scholarships, many of which are designed to help students avoid loan debt. The Debt Cap Scholarship, for example, sets a maximum for the debt students will incur from need-based federal loans by providing scholarship funds to replace any amount above the set “cap”.

Another, the No-Loan Arch Scholarship, which will be offered for the first time in the 2016-2017 academic year, pledges to award financial aid packages without need-based student loans. That is, any student who qualifies for need-based loans will receive that same amount of money in the form of a No-Loan Arch Scholarship.

Other university scholarships include the Good Neighbor, Great University scholarship (awarded to graduates of high schools in Evanston and Chicago), the Karr Achievement Scholarship, and the Founders Scholarship, among others.

Graduate students are unfortunately less likely to graduate without loans.

Feinberg medical students have the option of taking out federal loans to cover 100% of their costs. Financial aid packages from Feinberg may include federal loans, merit-based scholarships, and need-based grants. The financial aid site also lists a number of external scholarships that students can apply for to cover more of their costs.

Pritzker law students are awarded scholarships and grants based on a combination of financial need and merit and scholarships are automatically renewed for all three years.

Students are encouraged to apply for external scholarships (conveniently listed here by scholarship type) and writing competitions. Pritzker is also committed to assisting new lawyers practicing in the fields of public interest and government, in hopes that they will stay in these jobs long enough for full loan repayment to kick in, as many students in the current system have to leave for private sector jobs in order to pay the bills.

Students at Kellogg also have a number of both merit and need-based scholarship options. All admitted students who complete a FAFSA application will be considered for the KSM Scholarship, KSM MMM Scholarship, and KSM Diversity Scholarship. These awards will be renewed in the student’s second year at Kellogg. There are also scholarships available to MBA/MMM and MD/MBA program participants.

What kinds of extras should I expect to pay for at Northwestern?

Given Northwestern is close to the Windy City (or in it if you’re on the Chicago campus), make sure you’re prepared for weather of all types—sun, rain, and snow. If you come from a more temperate climate, leave some wiggle room in your budget for winter clothes.

As for transportation options, it’s highly recommended not to bring a car if you’re living on campus. Northwestern provides a number of shuttles, making it easy for students to get around and between campuses. The good news here is that you’ll avoid the costs associated with car ownership, which can add up when you take gas, parking, car and insurance payments, and (if you’re unlucky) tickets.

Disclaimers

Explanation of $21,810 Average Client Saving

Average savings calculation is based on all Earnest clients who refinanced their student loans between 1/1/15 and 6/10/16. The savings of a particular client is calculated by subtracting the projected lifetime cost of their Earnest refinancing from the projected total cost of their original student loan, which is calculated using the original loan’s APR and monthly payment based on the same principal balance as their requested Earnest loan.

Simply put:

The average savings calculation is the sum of all projected savings divided by the number of clients included in the projected savings calculation. These calculations assume that clients’ interest rates will not change over time, that clients make all payments on-time, and that no loans will be prepaid.

Here’s what our math includes:

Projected savings for clients who provided outstanding balance, APR, and current monthly payment amount for their existing student loan(s)

Both fixed and variable rate loans

And here’s what our math excludes, and why:

Savings from any client who stated that the current interest rate on their loan was greater than 12%. (Why: this is intended to filter out any cases where client error may skew the savings calculation higher.)

For any client who stated that the projected term of their loan was greater than 25 years, we do not include in our calculation any additional savings that might be realized if their existing loan were to take longer than 25 years to pay off in-full. (Why: 25 years is the maximum term allowed for a Federal student loan, or the cap on any Federal student loan under Income Based Repayment.)

Savings from any client whose indicated monthly payment was not sufficient to pay down the loan balance over time. (Why: this is intended to filter out any cases where the client misstated either their monthly payment amount, interest rate, or both.)

All refinancings by clients who chose a longer term than their existing student loan. (Why: some clients choose longer loan terms to match their monthly loan obligations to their unique life circumstances; while we encourage clients to take advantage of Earnest’s flexible term and monthly payment features, these cases are not indicative of the savings that result from lower rates through better data.)

Explanation of Rates “With Autopay”

Rates shown include 0.25% APR reduction where client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

Explanation of Precision Pricing™ Savings

Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.

Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.

Client Testimonials

Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their time to participate.